New build or older build

PaulLynn · 26 January 2017 at 9:50PM

Hi, my girlfreind and I are looking to buy our first home but cant decide wether to go for a new build house or an older type. Looking for any suggestions based on your experience/opinion for some answers. Thanks

Hedgehog99 · 26 January 2017 at 10:04PM

Just in the process of buying my first new build.

Current place is c. 25 years old.

The newer the place, the better the standards of energy efficiency etc - current place has solid floors, new place will have insulated floors & more loft insulation.

Beware of older "fully renovated" places advertised as EPC pending or e.g. "EPC: E (prior to renovation")" - if they've just put in a flashy new bathroom & kitchen, but haven't done anything about the wall insulation, the EPC is unlikely to have improved. If they had improved it, it would have been worth them getting a new EPC to be able to advertise its better grade when selling.

What else is important to you? Location within the area you want? Type of property (terrace, semi, detached? Garage? Timescale of moving? (newbuilds might not run to schedule, but e.g. probate could take a while on an older place). Price of local newbuilds vs various ages of existing properties & the amount of updating they may need could help you decide?

Some new builds estates have unadopted roads for which you pay an annual maintenance fee. Might also include public open space, shared driveways &/or leasehold garages. Older estates tend to just say that owners share the cost of shared driveway maintenance etc. Would you prefer to be paying annually or trying to track down landlords to agree on pay for one-off works?

PaulLynn · 26 January 2017 at 10:12PM

Ive seen a new development literally 5 minutes from where I live and seems perfect for location etc I am however skeptical about this help to buy scheme do I apply for it with a new build or avoid it and go at it without the help havent read too much into it tbh its all the added extra costs that comes with a new build thats putting me off upgrades, turf, carpets etc

ThePants999 · 26 January 2017 at 10:56PM

I wouldn't buy a new build as your first home. You pay a premium, and you lose that premium when you sell - fine if you don't sell for ages, which I'm sure is your plan, but can be very problematic if you find things not going to plan.

kirtsypoos · 27 January 2017 at 3:45PM

I have bought both and they each have their pluses and minuses.

My first home was a 1930s semi and it cost us about £5k in the first year with roofing repairs/rotten lintels etc which weren't picked up/didnt happen until after we moved in. It was more solid in terms of internals walls, but I could still hear next doors TV through the wall.
It had a lovely large garden and the road it was on was quite wide.

My second home is a new build detached and we managed to get flooring/fencing etc thrown in along with legals and stamp duty paid (Very important to see what you can get thrown in, if anything, as this will lessen what you have to spend on extras) so only real immediate necessary cost was blinds, and I don't foresee much £ being spent over the next few years.
The internal walls aren't as solid and noise within the house carries a bit more, but as we aren't joined to another house, don't have the same neighbour noise as previously. The rooms are larger in our new home, although as we upsized that would likely have been the case in a larger old property too. Garden is smaller and the road it is on is narrower.

I don't prefer one style over the other at the moment. I love our new house as it has given us the space we wanted, with the added bonus that we are unlikely to have to shell out for serious repairs for a good while, which is important to us as we are planning a family in the not so distant future.
We used H2B but have a plan in place to pay it off ASAP

What I'm trying to say is it all depends what you prefer, and what you can afford in your desired area. Happy house hunting!

NOVAMET21 · 27 January 2017 at 4:07PM

ThePants999 wrote: »

I wouldn't buy a new build as your first home. You pay a premium, and you lose that premium when you sell - fine if you don't sell for ages, which I'm sure is your plan, but can be very problematic if you find things not going to plan.

Not entirely true. It really depends on the location where lack of supply and more demands will increase the house prices rapidly.

For example, huge development in south Cambridge (2000+ new builds since 2014). 3 bed new builds were sold for £380K in 2014 and now the same houses are being sold for £550K in 2017.

NOVAMET21 · 27 January 2017 at 4:10PM

PaulLynn wrote: »

Hi, my girlfreind and I are looking to buy our first home but cant decide wether to go for a new build house or an older type. Looking for any suggestions based on your experience/opinion for some answers. Thanks

Every person have their own taste and opinions. It is entirely up to you what you would prefer whether to go for solid old house or stylish modern house.

Like others have said each have their own pros and cons. I personally prefer new builds that's just me.

leila88 · 27 January 2017 at 4:44PM

As a first time buyer I would rather a new build. They seem to be cheaper for the value, and more modern.

There are pros and cons to everything, you can make mistakes with a new home or an old one.Just don't rush into things

ashp_2 · 27 January 2017 at 4:54PM

We also debated new or old.

What made my mind up was I was concerned about loosing money on a new build admittedly this depends on various factors.
I also grew up in the countryside and all the new builds around here have tiny gardens so we decided to go with an older property.

BusyBargainz · 27 January 2017 at 5:19PM

I personally went for an older build simply because in the area that I live, new builds are cramped together with very little garden space. I could get a lot more for my money when it came to space with an older house. As much as I would have loved to move straight in to a lovely decorated and updated house with hardly any work to do, I have really enjoyed decorating my older house exactly how I like it.

There will be pros and cons for both. Have plenty of viewings and you’ll get a real feel for what you want.

ThePants999 · 27 January 2017 at 6:59PM

agurung wrote: »

Not entirely true. It really depends on the location where lack of supply and more demands will increase the house prices rapidly.

For example, huge development in south Cambridge (2000+ new builds since 2014). 3 bed new builds were sold for £380K in 2014 and now the same houses are being sold for £550K in 2017.

True, and important. Strictly speaking, though, it doesn't contradict what I said

Multiple factors influence prices, and a new build will lose value from being no longer new, but might simultaneously gain it all back and more from a general house price rise. Perhaps non-new-builds costing £380K in 2014 sell for £570K now!

New build or older build

Comments

Categories

Get our FREE Weekly email full of deals & guides - and it’s spam-free